Gasoline: RBCL Hits Resistance At 1844, 1923

Crude: Well it took us a day to cover that gap on CL. We had trade overnight finally get to that level, but now it’s on to bigger and better things. We surprisingly enough are see-ing the strength pick back up in RSI and are continuing to look for this market to re-main positive. We’re looking for resistance at 9507, 9665 and 9734. The support numbers are going to have room to fall back on 9402, 9338 and 9225. The front spread held the –33 support number we noted yesterday and we think this can find higher from here. We’re going to deal with resistance at –23, but we think –13 is tar-geted. Flat price continues higher to the close.

Gasoline
We’ve moving ahead to RBF4. RB is moving ahead as the holiday has cleared out a lot of volume ahead of expiry. We are seeing resistance here at 26795, 26926 and covering the gap to 27132. Support to 26629, 26502 and 26419. The front spread (F4G4) falling apart here and support sees –99, -121. Resistance hits –81, -55. The RBCL hits resistance at 1844, 1923. Support falls back on 1775, 1720.

Trends are only for the affected
Amidst all this bearish sentiment, there’s an uptrend here on the 10min chart. We’re looking to hold the support line here at 9445. It’s tight so we’ll account for slippage to the 9425 area, but below 9350 we break the move. We get pivot above at 9520 and channel resistance at 9580 rolling higher. The 60min chart continues to languish in sideways boring with a need to see above 9550. Support at 9325 holds the key to the flood gates.

Fundy you should mention
We’re going to try to pack as much activity into the front of this week as we can. Although Friday is not a official holiday, the funds and financial players will be working without a net. Most physical traders will be taking a semi holiday on Friday as most oil shops are idled. Today is one of those busy days where there’s plenty of numbers to go around. We start with Housing Starts from Sept (903K; Permits 930K) and October (905K; 930K) at 8:30am EST. Then we get FHFA HPI (0.4) and Case Schiller HPI (0.9) at 9:00am. Consumer Confidence (72.9) and Richmond Fed Mfg Index (4) at 10:00am.

Sorry, I am just physically attracted
We’re hearing another refinery shutting down in India for maintenance. The Mangalore refinery (330K) will be down until January. Not a good thing for any Iranian oil on the market right now. We think that Brent’s strength on the screen is a stark contrast to the increasing maintenance right now. Still as long as more traders get squeezed out on the screen, refiners will be happy to sit out until prices cool. P66 Bayway (238K) is finally back online after maintenance duty. We think that we’re going to see more pro-duction this week on the EIA stats, but we should have the volume turned up to 11 by the time December rolls in.

Techies, some Trekkies

200 Day MA 9854

100 Day MA 10272

13 Day MA 9407

8 Day MA 9406

14 Day RSI 43.77

Crude: Well it took us a day to cover that gap on CL. We had trade overnight finally get to that level, but now it’s on to bigger and better things. We surprisingly enough are see-ing the strength pick back up in RSI and are continuing to look for this market to re-main positive. We’re looking for resistance at 9507, 9665 and 9734. The support numbers are going to have room to fall back on 9402, 9338 and 9225. The front spread held the –33 support number we noted yesterday and we think this can find higher from here. We’re going to deal with resistance at –23, but we think –13 is tar-geted. Flat price continues higher to the close.

Gasoline
We’ve moving ahead to RBF4. RB is moving ahead as the holiday has cleared out a lot of volume ahead of expiry. We are seeing resistance here at 26795, 26926 and covering the gap to 27132. Support to 26629, 26502 and 26419. The front spread (F4G4) falling apart here and support sees –99, -121. Resistance hits –81, -55. The RBCL hits resistance at 1844, 1923. Support falls back on 1775, 1720.

Trends are only for the affected
Amidst all this bearish sentiment, there’s an uptrend here on the 10min chart. We’re looking to hold the support line here at 9445. It’s tight so we’ll account for slippage to the 9425 area, but below 9350 we break the move. We get pivot above at 9520 and channel resistance at 9580 rolling higher. The 60min chart continues to languish in sideways boring with a need to see above 9550. Support at 9325 holds the key to the flood gates.

Fundy you should mention
We’re going to try to pack as much activity into the front of this week as we can. Although Friday is not a official holiday, the funds and financial players will be working without a net. Most physical traders will be taking a semi holiday on Friday as most oil shops are idled. Today is one of those busy days where there’s plenty of numbers to go around. We start with Housing Starts from Sept (903K; Permits 930K) and October (905K; 930K) at 8:30am EST. Then we get FHFA HPI (0.4) and Case Schiller HPI (0.9) at 9:00am. Consumer Confidence (72.9) and Richmond Fed Mfg Index (4) at 10:00am.

Sorry, I am just physically attracted
We’re hearing another refinery shutting down in India for maintenance. The Mangalore refinery (330K) will be down until January. Not a good thing for any Iranian oil on the market right now. We think that Brent’s strength on the screen is a stark contrast to the increasing maintenance right now. Still as long as more traders get squeezed out on the screen, refiners will be happy to sit out until prices cool. P66 Bayway (238K) is finally back online after maintenance duty. We think that we’re going to see more pro-duction this week on the EIA stats, but we should have the volume turned up to 11 by the time December rolls in.

Techies, some Trekkies

200 Day MA 9854

100 Day MA 10272

13 Day MA 9407

8 Day MA 9406

14 Day RSI 43.77

Spread now; Roll later

Everything is expensive

Key support: -39, -46, -52

Key Rests: -23, -19, -07

Everything is expensive

Key support: -39, -46, -52

Key Rests: -23, -19, -07